Slide 1: Building a World-Class Operation
NASDAQ: HYMC ALIGNED TEAM DISCIPLINED DEVELOPMENT SHAREHOLDER FOCUS BUILDING A WORLD-CLASS OPERATION May 26, 2021
Slide 2: Disclaimer
Disclaimer Financial Projections This presentation contains financial forecasts regarding certain financial metrics of the Company. The independent auditor of the Company has not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusi
Slide 3: Hycroft Overview
Hycroft Overview
Slide 4: Hycroft Overview
Hycroft Overview • Hycroft operations recommenced in April 2019 • Au/Ag sales began Q3/2019 • Historical production of ~2.1 Mozs Au and 7.5 Mozs Ag (1981-2019) • Became a publicly traded company on June 1, 2020 • Nasdaq: HYMC Strong Project Fundamentals • One of the world’s largest precious metals d
Slide 5: New Leadership & Technical Teams
New Leadership & Technical Teams • New highly experienced management team in place, led by: Diane R. Garrett Stan Rideout Jack Henris President & CEO Executive Vice President & CFO Executive Vice President & COO • Former CEO of Romarco, US Global • Former CFO of Romarco, Phelps • Formerly with Stant
Slide 6: 2020 Achievements
2020 Achievements ✓ Completed Recapitalization Transaction May 29, 2020 and became a publicly traded company on the NASDAQ Capital Markets Exchange ✓ New Executive Management Team (CEO, CFO and COO) – Q3/20 ✓ Mike Eiselein (metallurgist; Barrick, Newmont) Assembled New Technical Leadership team at s
Slide 7: Safety
Safety Rolling 12-Month TRIFR and Injury Experience Employee & Contractor 2.5 4.70 5.00 4.50 2 3.80 4.00 # OF INJURIES X 200,000 HOURS 3.20 3.24 3.50 # OF INCIDENTS 1.5 2.77 3.00 2.45 2.52 2.36 TRIFR 2.30 2.50 1 1.80 2.00 1.21 1.50 0.93 0.5 1.00 0.50 0 0.00 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
Slide 8: Permitting
Permitting • Received Record of Decision from Bureau of Land Management for EIS (10-22-19) • Current operating plan is fully permitted • Existing operating permits will be amended as new facilities/infrastructure are required • EIS allow for flexibility: • Expanded pits • Construction of a tailings
Slide 9: Hycroft Mine Overview
Hycroft Mine Overview • Fully constructed mine and processing facilities Feasibility Study By The Numbers • Crusher commissioning completed (Two-stage Sulfide Heap Oxidation and Leach) • Full operating and maintenance program in place • Health & Safety team embedded in each 34 yrs 12 mm oz 479 mm oz
Slide 10: One of the World's Largest Gold Deposits
One of the World’s Largest Gold Deposits… World’s Largest Primary Gold Deposits (Moz AuEq.)(1,2,3,4) Hycroft ranks among the top 20 largest gold deposits in the world and the second largest in the U.S., based on 31 Moz its total gold equivalent mineral resources of 31 million AuEq. ounces(1) • 34-ye
Slide 11: And One of the World's Largest Silver Deposits
…And One of the World’s Largest Silver Deposits Hycroft is the top silver deposit in the United States 11
Slide 12: Valuation vs Peers
Valuation vs Peers Gold Sector Valuation at Spot Metal Prices Low P / NPV multiple represents early opportunity to participate in potential rerating as development continues HYMC Source: Source: BMO GoldPages for the week ended April 5, 2021 Note: Median excludes Hycroft P/NPV – Share price at 4-6-2
Slide 13: 2020/21 Activities & Planning
2020/21 Activities & Planning
Slide 14: 2020: Key Findings of Novel Two-stage Process
2020: Key Findings of Novel Two-stage Process • Hycroft, alongside its industry leading consultants, reviewed the novel two-stage process looking for opportunities for improvements in operating parameters which resulted in the identification of several gaps in the original plan and design but are cr
Slide 15: 2021 Outlook
2021 Outlook Key Focus Areas for 2021: 2021 Est. Production: • Focus on cost reduction and improving operating efficiencies • Continued focus on improving safety • Improving Merrill-Crowe plant efficiency and solutions management • Improving mine operating costs including addressing contract and own
Slide 16: 2021: Milestones
2021: Milestones Late Q1 Early Q2 Q2 End of Q2 Early Q3 Q4/21 – Q1/22 Began drilling for 994K loader in Transition to Mine planning Develop 3-5 year run- Metallurgical test work metallurgical operation, a more cost- and optimization of-mine plan completed samples and expected to effective work compl
Slide 17: Development Paths – 2022 Forward
Development Paths – 2022 Forward • The Hycroft Mine has the opportunity for a flexible, scalable development program Run-of-mine Heap Leach Two-stage Sulfide Heap Mill & AAO Exploration Oxidation and Leach Summary Transition to a 3-5 year cash flow Using novel process, developing Design an appropria
Slide 18: Facilities & Equipment
AN Facilities & Equipment
Slide 19: Mine Site and Facilities
Mine Site and Facilities New Leach Pad North Merrill- Crowe Administration, Warehouse, Maintenance BAY GAP CENTRAL BRIMSTONE VORTEX CAMEL Main East-West Railway (Union Pacific) N State Route 49 (Jungo Road) 19
Slide 20: Mining
Mining • Currently operating mining fleet with combination of owned and rental equipment • 24-hour mining operations • Active in-pit drill and blast 20
Slide 21: Crushing Circuit Overview
Crushing Circuit Overview • One large gyratory primary crusher • Three-sided truck dump loading • Four secondary cone crushers • Designed to easily adapt to feed a mill with dual reclaim tunnel and transfer belt system • Ability to add reagents (lime, soda ash) to the stream in process • Crusher cir
Slide 22: Processing Infrastructure
Processing Infrastructure • The primary crusher was reconditioned and brought into operation in late March 2019 • The secondary and tertiary crushers were recommissioned and placed online in March 2019 Fine Ore Stockpile • Crusher will be maintained and ready for when sulfide processing begins Fine
Slide 23: Processing Infrastructure cont.
Processing Infrastructure cont. • Gold and silver recovery is currently achieved through the 5,000 gallon per minute Brimstone Merrill-Crowe plant • CIC circuit (~4,500 gpm capacity) available as extra solution processing capacity as needed • Doré created onsite through Brimstone refinery • 21,500 g
Slide 24: Leach Pad & Projects
Leach Pad & Projects Sufficient capacity on existing leach pads to treat run-of-mine ore using traditional heap leach New Leach Pad • New fully permitted leach pad constructed (Stage 1A) • Intended for two-stage heap oxidation and leach process • Stage 1 – 8.6 M square feet; 26.5 M ton capacity • Ul
Slide 25: North Leach Pad Overview
North Leach Pad Overview • Newest leach pad at Hycroft • Will primarily feed the NMC facility • Civil works, pad liner, overliner, ponds, solution vaults, pipe channels, and a portion of the piping have been completed • Pumps and many other parts required for completion have been purchased and are b
Slide 26: Upside Opportunities
Upside Opportunities High-grade Targets & Expansion Potential
Slide 27: Hycroft Claim Map
Hycroft Claim Map • Large, unexplored land position • The Reserve Pit outline only encompasses 1,570 acres (~approx. 2%) of the claim package • Additional exploration targets on land held by Hycroft outside existing plan of operations • Known mineralization proximal to existing facilities • Near sur
Slide 28: Hycroft Exploration Targets
Hycroft Exploration Targets • Float anomaly – mineralized boulders at paleo-beach front • Gap Gravity High – unexplored gravity high along trend with Hycroft mineralization • Diatreme – poorly drilled gravity low with mineralization potential along diatreme margin • Ponds Gravity High – gravity high
Slide 29: Hycroft Regional Mines
Hycroft Regional Mines • Several neighboring world class deposits • Property position covers Sleeper-Rosebud high grade trend • Large under explored property position Source: Hycroft Mining Management 29
Slide 30: Capitalization and Major Supporters
Capitalization and Major Supporters Ownership Summary (1)(2) Capital Structure(1) Mudrick 25.2 mm 42% Share Price $3.85 Whitebox 12.0 mm 20% Highbridge 6.9 mm 12% Shares Outstanding 59.9 mm Sprott Resource Lending Corp. 0.5 mm 1% Market Capitalization $230.6 mm Other 15.3 mm 25% Public Warrants (exe
Slide 31: Hycroft Investment Highlights
Hycroft Investment Highlights
Slide 32: Key Investment Highlights
Key Investment Highlights One of the World’s Largest Precious Metals Deposits Mineral reserves - 11.9 mm ozs gold / 478.5 mm ozs silver(1) 1 Mineral resources – 9.5 mm ozs gold / 238.7 mm ozs silver (exclusive of reserves)(1,2) Flexible processing options Strong Board, Management and Technical Team
Slide 33: Board of Directors
Board of Directors David Kirsch is a Managing Director and Senior Analyst at Mudrick Capital Management, L.P., where he is responsible for David Kirsch analyzing distressed credit and equity opportunities across a diverse range of industries. Prior to joining Mudrick Capital Chairman, C, NG Manageme
Slide 34: Board of Directors cont.
Board of Directors cont. Steve Lang has over 40 years of experience in the mining industry, including engineering, development and production at gold, Stephen Lang coal, base metals and PGM operations. He was Chief Executive Officer of Centerra Gold Inc., a publicly traded mining company, Director f
Slide 35: Appendix
APPENDIX
Slide 36: Cautionary Note to U.S. Investors Regarding Reserves and Resources
Cautionary Note to U.S. Investors Regarding Reserves and Resources The Mineral Resource and Mineral Reserve estimates contained in this presentation have been prepared in accordance with the r equirements of the Modernization of Property Disclosures for Mining Registrants (the “New Mining Rules”) se
Slide 37: Mineral Reserves and Resources
Mineral Reserves and Resources Tons Grades (oz/t) Contained Ounces (000s) (Mt) Au Ag Au Ag Au Eq(1) Total Proven & Probable Reserves 1,123 0.011 0.426 11,865 478,513 18,445 Measured & Indicated 387 0.009 0.277 3,589 106,389 5,152 Inferred 599 0.010 0.217 5,688 127,949 7,499 Total Resources(2) 993 0.
Slide 38: Deposit Type
Deposit Type • Large, epithermal, low sulfidation, hot springs deposit • Gold and silver mineralization occurs as both disseminated and vein- controlled • Gold values ranging from detection to 8.8 ounces per ton; and Silver from detection to 647.5 ounces per ton 38 38
Slide 39: Geologic Setting and Mineralization
Geologic Setting and Mineralization Simplified East-West Cross Section Through the Hycroft Mine (Section 40000 N) • The Hycroft mine is located on the western flank of the Kamma Mountains • Large, epithermal, low sulfidation, hot springs deposit • Gold and silver mineralization occurs as both dissem
Slide 40: Drilling History
Drilling History • Exploration drilling started in 1975 Analysis type Number of individual assays • 5,520* drill holes within model footprint, representing 2,446,162 feet AuFA 437,568 of drilling AuCN 325,933 • Strong knowledge of the ore body through extensive drilling campaigns, AgFA 276,758 AgCN
Slide 41: Block Grades (Looking North)
41000N AuFa Block Grades (Looking North) 41000N AgFa Block Grades (Looking North) Senior-Scale Gold Mine in Nevada Source: July 31, 2019 Summary Technical Report 41